Capital city dwelling values rose in the month of March and in the March quarter following a flat February result, according to the RP Data-Rismark home value index.
Home values across capital cities rose by 2.3 per cent in the month and gained 3.5 per cent in the first quarter of the year.
Every capital city except Perth posted a lift in dwelling values in the quarter, the survey found.
RP Data research director Tim Lawless said half of Australia's capital cities are posting record high dwelling values, with Sydney recording the most substantial increase beyond the previous high.
"Sydney dwelling values are now 15.8 per cent higher than their previous peak, substantially more than Melbourne where dwelling values are 4.7 per cent higher than their previous peak," Mr Lawless said.
"Perth and Canberra values have risen to be 2.9 per cent and 1.2 per cent higher than their previous high point, respectively."
Over the month, Darwin values lifted by 3.3 per cent , Brisbane by 2.9 per cent, Sydney by 2.8 per cent and Melbourne by 2.3 per cent, with all capital cities gaining.
Meanwhile, over the quarter, Melbourne values rose by 5.4 per cent, Sydney by 4.4 per cent and Hobart by 4.7 per cent, while Perth values fell by 0.6 per cent.
Dwelling values have risen by a cumulative 15.8 per cent since the growth cycle started in June 2012, with most of the growth occurring since June last year, Mr Lawless said.
"Over the long term, I don't believe such a strong pace of growth can be sustained -- we expect housing market conditions to cool down as the year progresses.
"If the pace of capital gains doesn't slow, we may see higher interest rates realised much earlier than previously expected."
March and September have a history of being comparatively strong seasonal months for changes in home values, RP Data said.